Uber files IPO prospectus, to list on NYSE

The most eagerly awaited IPO of the year reached the next stage as Uber Technologies filed its IPO prospectus with the SEC. The ridesharing firm will be listing on NYSE with the stock symbol “UBER”. The company, which is expected to go public next month, is likely to raise $10 billion through the initial public offering and reports say that Uber expects its valuation to be around $100 billion.

Uber, which reported its quarterly results voluntarily, had revealed more financial and operational metrics in its IPO prospectus. Uber provides ridesharing services through its Personal Mobility offering in 63 countries. Uber’s other two segments include Uber Eats, the company’s meal delivery platform, and Uber Freight, which provides logistics solutions.

Uber had 91 million Monthly Active Platform Consumers (MAPCs) for the quarter ended of December 31, 2018. MAPCs represent the number of unique consumers who completed a Ridesharing or New Mobility ride or received an Uber Eats meal on the company’s platform at least once in a given month.

For the quarter ended December 31, 2018, the company had 3.9 million ridesharing drivers and 1.5 billion trips on its platform. Trips represent the number of completed consumer ridesharing or New Mobility rides and Uber Eats meal deliveries in a given period. In 2018, Uber’s Gross Bookings grew 45% year-over-year to $49.8 billion.

For the year ending December 31, 2018, the San Francisco-based firm’s revenue grew 42% to $11.3 billion. Net income was $1 billion compared to a net loss of $4 billion in the prior year period. Revenue from Ridesharing business grew 33% year-over-year to $9.2 billion in 2018, while revenue from Uber Eats business jumped 149% to $1.46 billion.

Uber stated that it will use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. Uber added that it may also use a portion of the net proceeds to acquire or make investments in businesses, products, offerings, and technologies.

Uber’s ridesharing business has been facing stiff competition in the US from its major rival Lyft (LYFT), which went public last month end, and other players including Yandex, Careem, Grab, Didi, Taxify and Ola in rest of the US.

Also read: PagerDuty (PD) opens up more than 50% from its IPO price on debut day

Uber’s New Mobility business faces competition from Motivate (an affiliate of Lyft), Lime, Bird, and Skip. In the autonomous vehicle space, Uber competes with Waymo, Cruise Automation, Tesla (TSLA), Apple (AAPL), Zoox, Aptiv, May Mobility, Pronto.ai, Aurora, and Nuro.

Uber Eats business competitors include GrubHub, DoorDash, Deliveroo, Swiggy, Postmates, Zomato, Delivery Hero, Just Eat, Takeaway.com, and Amazon (AMZN).

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!